Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects — at 960 Sixth Avenue and 25 West 37th Street — the developer announced earlier this week.
Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Societe Generale for $40 million in October 2009, according to published reports. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock’s president, Abraham Hidary.
The developer now plans a Courtyard Marriott at the address, for which it just closed on $36 million in construction financing from BBVA Compass. The hotel, across the street from Macy’s Herald Square
flagship, will boast 167 rooms, a rooftop bar and retail, and should be completed by October 2012. The total cost of the conversion will be around $30 million, Hidary said. … [more]